Australian Taxation Office to Focus on Capital Gains From Crypto Assets
The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their tax returns. Australian Taxpayers Warned They Should Report Crypto Gains The Australian Taxation Office (ATO) has announced four key areas where it will focus its attention this year. These include record-keeping, work-related expenses, and rental property income and deductions.....
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“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh. The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past....
The Australian Taxation Office (ATO) has announced that it intends to work bitcoin capital gains and sales tax guidelines into its system for users to declare on tax returns this year. Its US equivalent, the IRS, is said to be investigating a similar implementation. ATO senior assistant commissioner Michael Hardy provided a statement to the Financial Review's Sunday program on Australian TV, saying the office has been monitoring the development of bitcoin and wondering how to tax such "new types of payment tokens". He said: "The ATO is working on a holistic understanding of the taxation....
The Australian Government announced in its report entitled “Backing Australia's Fintech” that the current double tax law on digital currencies including Bitcoin is soon to be reformed. Digital currencies such as Bitcoin were in 2014 established by the Australian Taxation Office (ATO) as intangible assets for goods and services tax purposes. Thus, payments involving bitcoin have been considered as a form of barter rather than conventional transactions. However, the major issue with the GST law on digital currencies is that Australian residents who purchase items or goods using bitcoin are....
Australia's tax authority is slated to provide tax guidance for users of bitcoin and other "alternative payment systems" before June 30th, according to a statement provided by the Australian Taxation Office's (ATO) senior assistance commissioner Michael Hardy on the Financial Review's Channel 9 program on Sunday. "The ATO is working on a holistic understanding of the taxation treatment of Bitcoin to be in a position to provide certainty for the Australian community," he stated. Hardy said that "paying for goods and services with new types of payment tokens such as Bitcoin still means that....
Australian bitcoin advocacy association Bitcoin Australia (BA) has published a paper detailing its recommendations for how bitcoin taxation should be managed by domestic authorities. By producing the paper, BA is preempting the Australian Tax Office (ATO), which is expected to release its own official guidelines sometime in the next few weeks. BA's recommendations are designed to fit within the framework of existing Australian federal tax legislation, factoring for income, capital gains and a goods-and-services tax (GST). At the proposal's heart, however, is the legal definition of digital....